FHASecure is an initiative that enables homeowners to refinance various types of adjustable rate mortgages (ARMs) that have recently “reset.” It is a temporary program designed to provide refinancing opportunities to homeowners and to increase liquidity in the mortgage market.
The program allows homeowners to refinance even though they have become delinquent due to the increased mortgage payment following the reset. For homeowners who have demonstrated their ability to meet their mortgage obligations, this program permits them to refinance into a prime-rate, FHA- insured mortgage. In many cases, homeowners may be permitted to include mortgage payment arrearages into the new loan amount, subject to existing geographical statutory mortgage limits and FHA loan-to-value limits.
The FHASecure initiative, requires that the loan application be signed no later than December 31, 2008
Homeowners eligible for refinance under FHASecure
The mortgage being refinanced must be a non-FHA ARM with or without an interest-only feature. Homeowners current mortgage must be serviced by Wells Fargo in order for me to assist them. If the homeowners current mortgage is with another lender they can contact their lender to find out if they qualify for the FHAsecure.
If the existing mortgage is one of the following, it is not eligible for FHASecure:
• Conventional Fixed Rate Loans (including fixed rate interest only)
• Payment Option ARMs
• VA loans
• FHA loans
The requirements for eligibility are as follows:
• The mortgage being refinanced must be a non-FHA ARM that has reset.
•The mortgagor’s payment history on the non-FHA ARM must show that, prior to the reset of the mortgage, the mortgagor was current in making the monthly mortgage payments. The homeowner’s mortgage payment history during the six months prior to the reset showed no instances of making mortgage payments outside the month due.
• If there is sufficient equity in the home, under additional eligibility instructions provided below, FHA will insure mortgages that include missed mortgage payments. See Maximum Loan Calculation later in this section.
• Under certain conditions explained below, FHA will insure first mortgages where the: o existing note holder writes off the amount of indebtedness that cannot be refinanced into the FHA insured mortgage; or o borrower obtains a second lien that includes closing costs, arrearages or previous secondary financing if the indebtedness exceeds FHA prescribed LTV and maximum mortgage amount limits.
I can provide assistance in all 50 states. If you are a homeowner or know of a homeowner that would need my assistance please give me call or shot me an email.
